Anglo America sees $40 bn investment over 5-10 yrs

Anglo America sees $40 bn investment over 5-10 yrs

Kolkata: Mining group Anglo American Plc plans to invest $40 billion globally over the next five to 10 years, and was also exploring opportunities for partnerships in India, a senior official said on Thursday.

“Our current plan is to invest $40 billion over next five to 10 years, and we will just look at how we will phase that, " chief strategy officer Russell King told reporters when asked whether the firm was reviewing investments.

“We will spend our money wisely," he said, without elaborating on where or on what it would be spent.

On 23 October, the company had said it would review capital expenditure plans due to uncertainty on markets as it posted a 12.7% fall in third-quarter copper output, its most important metal.

“Fundamentally, the minerals that we are in, are in a good position," King said when asked about the impact of falling metal prices worldwide.

In India, the firm was interested in opportunities in minerals such as iron ore and coal, and was looking into partnerships with local companies, he said.